Still Secure and Strong
Dear Pinnacle Member,
Recent news about bank failures, and rising loan losses in the financial industry may prompt you to question the strength of the institutions you entrust with your business. We think it is good practice for all consumers to review the performance and business practices of their providers regularly, and we welcome this type of conversation with you.
In addition, as always we encourage you to review your investments and financial strategy with an independent expert. We strive to make the financial condition of our credit union transparent and we are confident independent experts will agree that Pinnacle Credit Uninomaintains a strong financial position.
As Pinnacle Credit Union's chief executive officer, I want to assure you that your credit union is sound. Here are a few things to consider in evaluating our worthiness to serve you:
- Your accounts are insured through the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA), a U.S. governmental agency. The passage of the Emergency Economic Stabilization Act on October 3, 2008 raised NCUSIF insurance limits from $100,000 to $250,000 per qualified depositor on savings, checking, money market and/or CD accounts. These limits are effective immediately and apply through December 31, 2009. Depositors are not required to do anything to enjoy this benefit. The limit for Individual Retirement Accounts (IRAs) remains unchanged at $250,000. To determine insurance coverage easily, you can use the NCUA’s insurance estimator at http://webapps.ncua.gov/ins/..
- We have a long track record of sound performance and continue to manage our investments in a disciplined, conservative way. We post our monthly results in our branches so you may review them whenever you want.
- We invest mainly in prime mortgages and consumer loans. We have not engaged in subprime lending and therefore have not seen the significant increase in defaults and delinquencies that other lenders have experienced.
- We are regulated by the Indiana Department of Finance as well as the NCUA. These agencies monitor the credit union’s operations on an ongoing basis and conduct thorough examinations of our operations each year. We also engage an independent public accounting firm to audit our accounting practices and finances annually.
- We are a member-owned, not for profit organization whose mission is serving the financial interests of our members.
We hope this information proves helpful and encourage you to contact us if you have any questions about the strength of our operations now or in the future. Your business is important to us, and we will do our best to continue earning your confidence.
Regards, Lisa Williams
CEO
